Argentina’s economy enters recession

BUENOS AIRES, (Reuters) – Argentina’s economic activity shrank 0.80% in the third quarter from the year-earlier period, the country’s statistics agency said , missing analysts’ forecast of a 0.70% contraction and entering a recession.

Argentina’s economy slowed 5% in the previous quarter.

Argentina, which ushered in a new government last week, is battling triple-digit inflation and a rising poverty rate, already at over 40%.

President Javier Milei’s administration announced a set of economic measures earlier this week aimed at alleviating the economy.

Milei warned in his inauguration speech that a monthly inflation rate of 20% to 40% was expected from December to February and that there is no alternative to a shock adjustment.